Investing Quotes
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The future is never clear. You pay a very high price in the stock market for a cheery consensus. Uncertainty is the friend of the buyer of long-term values.
Warren Buffett
I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years. As far as you are concerned, the stock market does not exist. Ignore it. Much success can be attributed to inactivity. Most investors cannot resist the temptation to constantly buy and sell.
Warren Buffett
Buy so well, you don’t have to sell. Don’t buy for 10 minutes.
Warren Buffett
The dumbest reason in the world to buy a stock is because it is going up.
Warren Buffett
It is not necessary to do extraordinary things to get extraordinary results.
Warren Buffett
In the short run, the market is a voting machine. In the long run, it’s a weighing machine.
Warren Buffett
The dominant retailer in one twenty-year period is not necessarily the dominant retailer in the next.
Warren Buffett
You can’t do well investing unless you think independently. And the truth is, you are neither right nor wrong because people agree with you. You’re right because your facts and reasoning are right. In the end, that’s what counts.
Warren Buffett
Speculation is most dangerous when it looks easiest.
Warren Buffett
Cash combined with courage in a crisis is priceless.
Warren Buffett
Diversification is a protection against ignorance. It makes very little sense for those who know what they are doing.
Warren Buffett
As one of the Indianapolis ‘500’ winners said: ‘To finish first you must first finish’.
Warren Buffett
The sign above the players’ entrance to the field at Notre Dame reads ‘Play like a champion today’. I sometimes joke that the sign at Nebraska reads ‘Remember your helmet’. Charlie and I are ‘Remember your helmet’ kind of guys. We like to keep it simple.
Warren Buffett
Risk comes from not knowing what you are doing.
Warren Buffett
I’d be a bum on the street with a tin cup if the markets were always efficient.
Warren Buffett
I read the first edition of this book [The Intelligent Investor] early in 1950, when I was about nineteen. I thought then it was by far the best book about investing ever written. I still think it is.
Warren Buffett
Be fearful when others are greedy, and greedy when others are fearful.
Warren Buffett
My biggest mistakes are investments I didn’t make.
Warren Buffett
Most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can’t buy what is popular and do well.
Warren Buffett
I have never met a man who could forecast the market.
Warren Buffett
I am a better investor because I am a businessman, and a better businessman because I am an investor.
Warren Buffett
We do not have, never have had, and never will have an opinion about where the stockmarket, interest rates, or business activity will be a year from now.
Warren Buffett
I like businesses that I know what they will look like in 5 or 10 or 20 years. I think I know what Coke will look like.
Warren Buffett
Like Warren, I had a considerable passion to get rich, not because I wanted Ferraris – I wanted the independence. I desperately wanted it.
Charlie Munger
The game of investing is one of making better predictions about the future than other people. How are you going to do that? One way is to limit your tries to areas of competence. If you try to predict the future of everything, you attempt too much. You’re going to fail through lack of specialisation.
Charlie Munger
How do you learn to be a great investor? First of all, you have to understand your own nature. Each person has to play the game given his own marginal utility considerations and in a way that takes into account his own psychology. If losses are going to make you miserable and some losses are inevitable – you might be wise to utilise a very conservative pattern of investment and savings all your life. So you have to adapt your strategy to your own nature and your own talents. I don’t think there’s a one size fits all investment strategy that I can give you.
Charlie Munger
Investors can have 90% of their wealth in a single company, if it is the right company.
Charlie Munger
But to me all intelligent investing is value investing.
Charlie Munger
Warren Buffett is a learning machine.
Charlie Munger
Sit on your ass investing. You’re paying less to brokers, you’re listening to less nonsense, and if it works, the tax system gives you an extra one, two, or three percentage points per annum.
Charlie Munger
The big money is not in the buying and selling … but in the waiting.
Charlie Munger
It takes character to sit there with all that cash and do nothing. I didn’t get to where I am by going after mediocre opportunities.
Charlie Munger
A great business at a fair price is superior to a fair business at a great price.
Charlie Munger
No wise pilot, no matter how great his talent and experience, fails to use a checklist.
Charlie Munger
Preparation. Discipline. Patience. Decisiveness.
Charlie Munger
How do some people get wiser than other people? Partly it is inborn temperament. Some people do not have a good temperament for investing. They’re too fretful; they worry too much. But if you’ve got a good temperament, which basically means being very patient, yet combine that with a vast aggression when you know enough to do something, then you just gradually learn the game, partly by doing, partly by studying. Obviously the more hard lessons you can learn vicariously, instead of from your own terrible experiences, the better off you will be. I don’t know anyone who did it with great rapidity. Warren Buffett has become one hell of a lot better investor since the day I met him, and so have I. If we had been frozen at any given stage, with the knowledge we had, the record would have been much worse than it is. So the game is to keep learning, and I don’t think people are going to keep learning who don’t like the learning process.
Charlie Munger
The idea that it is hard to find good investments, so concentrate in a few, seems to me to be an obviously good idea. But 98% of the investment world doesn’t think this way. It’s been good four us – and you – [As a Bershire shareholder] – that we’ve done this.
Charlie Munger
The idea of excessive diversification is madness. We don’t believe that widespread diversification will yield a good result. We believe almost all good investments will involve relatively low diversification. If you took our top fifteen decisions out, we’d have a pretty average record. It wasn’t hyperactivity, but a hell of a lot of patience. You stuck to your principles, and when opportunities came along, you pounced on them with vigour. Berkshire in it’s history has made money betting on sure things.
Charlie Munger
There are two types of mistakes: 1) doing nothing, what Warren calls ‘sucking my thumb’, and 2) buying with an eyedropper things we should be buying a lot of.
Charlie Munger
Really good investment opportunities aren’t going to come along too often and won’t last too long, so you’ve got to be ready to act. Have a prepared mind.
Charlie Munger
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